important clarification: the poll is for an ERC20 token equal to the OMNI MAID (as opposed to a wrapped ERC20 token). People who have an Omni token will continue to have it and are not required to switch to an ERC20 token!
Hello friends,
after the last exciting test network we know that a Safe world is possible and it is only a matter of time to reach interstellar speed and beyond.
The question that arises is can we do something now to take more people with us from the start. This topic aims to discuss the pros and cons of moving from OMNI to ERC20 in the coming months and to show what part of the community supports it.
List on additional exchanges: desired by many people from the community for long, the switch to ERC-20 will give us access to additional exchanges such as the 50 billion giant Uniswap
Provide additional secure storage options for our token holders
Cons
The community must be the leading force in this endeavor so that we do not distract the team from the start of the network
We will need to donate money for this to happen
Depending on the method of swap chosen, there may be a tax due for some people
Please do not turn the topic into a CEX Vs DEX discussion. An ERC20 token will help @Sotros25 listing efforts in more centralized exchanges, because in practice it is maintained by all exchanges in the world!
Please if you can specify more pros and cons leave a comment to add them to the list
In conclusion, I will only note that such a swap can be made cheaply in the following way. People sign a free request “I own this BTC address and I want to receive ERC20 MAID at this ETH address”. All ERC20 is generated on the main ETH blockchain and a sidechain is used to send it cheaply (there are currently about 17k addresses with OMNI MAID and it won’t cost more than $ 100-200 to send the new token to everyone).
Do you support full OMNI to ERC20 swap?
Yes
No
0voters
Please, after voting, write why you support or do not support a swap.
Can I ask this question, just so I understand. If we were to do a Omni to erc20 swap, I would essentially provide the BTC addresses of where my maid currently is held (in my case on paper wallets) and for a fee they would be converted to erc20 and then stored in a new wallet of my choosing that accepts erc20? Is that correct?
I voted yes because OMNI can be a nightmare for newbs and we need access to more exchanges. There was a time and a place where it made sense but it is now more of a barrier to entry than anything.
I personally imagine things that way: You put your private key in a wallet with which you can sign messages to prove that you own this address. It’s free. You then paste this message on a website and indicate where you want to receive the new tokens.
If it is not a full swap but only a wrapping, we must ensure the protection of the OMNI tokens for a long period of time, which @DeusNexus described here:
Not sure how someone could answer that but we aren’t changing assets, just changing the protocol in which the asset is held. I can’t see how that’s a taxable event since it’s the same asset at the same price.
Per your description, I voted yes, as the potential benefits outweigh the costs. If it can be done easily without compromising the security of anyone’s coins, it seems like a no-brainer to me.
Do you have an an approximate idea of the associated costs? Is it only the $200 you mentioned in your post?
I am pretty sure there has been talk about MAID to SN_Token being a taxable event. But I did not really follow. I’ll need to search the forum and catch up.
I’d love to know how that would fall in that category, either of those transactions. Seems like that doesn’t make a lot of sense but often times things don’t.
No, these are just transaction fees if we choose the sidechain option. We will have to pay a third party to carry out the exchange. I have no idea how much this could cost. But other projects like Algorand have done it:
I’m slightly confused.
On one hand your saying we could just sign a message to show we own the maid address to get the erc equivalent amount of tokens.
On the other hand your saying it will be wrapped coins.
Wrapped coins need the omni maid to be in a deposit address, or else I could prove I own omni maid by signing a message, get erc 20 coins to the same value then move my omni maid to an exchange and sell them.
I’m sorry, I didn’t make myself clear. If we choose to make a wrapped token there is a serious risk for these tokens over a long period of time. Therefore, a complete swap is the proposal in this thread, not a wrapped token.
We will talk in advance with the exchanges to stop access for OMNI deposits and no one will be able to do that.
